Proactive Accountancy Services specialising in Mums with their own Businesses
Christmas is fast approaching as I write this blog. As business owners, we may want to give our staff, customers and suppliers a Christmas gift or party, but what are the tax impacts of this? Firstly, we need to consider the nature of the gift. Generally speaking, gifts to customers or suppliers are not allowed [...]
If you are an employee or director of a limited company, you may incur regular travel expenses getting to the place that you are performing your duties or working. In many instances, these travel expenses will be wholly, necessarily and exclusively for the purposes of travel, and therefore will be entirely tax deductible and with [...]
HMRC are moving their attention to providers of services where there are likely to be cash in hand payments. This includes private tutors and personal fitness instructors among others. HMRC are inviting persons in these professions to let them know of any undeclared income before 31st March 2012. This amnesty means that HMRC will limit [...]
If you have been asked to complete a tax return by HMRC for self-assessment, this is due by the 31st January following the end of the tax year for online submissions, or 31st October for paper submissions. Corporation tax returns are due 12 months after the year end (although you have to pay your corporation [...]
Taxes you pay as a sole trader or partnership As a sole trader or partner, you will be taxed on the profits you make from your self-employment. In a partnership, you would be taxed on your share in the partnership profits. The good news is that the first £7,475 you earn (2011-12 rate shown) is [...]
The accruals concept Accountants use the UK GAAP (UK Generally Accepted Accounting Principles) to prepare accounts which includes adopting the accruals basis. This means you record transactions as the liability or asset falls due or is receivable. The benefit of accounting in this way is that you bring expenses incurred but not yet paid for [...]
If you are aout and about with your smart phone, why not keep a tab on your accounts and tax as you do so. There are plenty of apps out there to help you. Account systems such as Kashflow and Sage have their own apps, there are apps to help you track your expenses and [...]
An article out in the Daily Express this week (7.9.11) refers to a report from RSM Tenon on the rising numbers of bankruptcies among females. In the three months to June 2011, 14,827 women were declared bankrupt, obtained an IVA (individual voluntary arrangement) or gained a debt relief order. RSM Tenon started recording the figures [...]
I have been working as a sole trader for nearly 3 years, and am in the fortunate position of now having a team helping me (http://www.tayloraccountancy.net/team.htm). They all happen to be self-employed mums, working from home, and I am thrilled with the work they are doing for me. A report out in the Daily Telegraph [...]
I am really excited about giving a talk about cashflow in February 2012 at the Cambridge Business Mums conference. At the conference I will go through in detail how to creat your own cashflow statement, and how to maximise your flow of money in, rather than out. Here are my top 10 tips for maximising [...]
